Hyderabad-based realty developer Ramky Estates & Farm has forayed into the Mumbai property market by securing rights for a project involving slum rehabilitation redevelopment project spread over 1.5 acres in the country’s financial capital’s Chembur suburb.
The project with development potential of around 463,000 sq ft including 237,000 sq ft free sale area for the developer holds a revenue potential of over Rs 550 crore.
The development involving rehabilitation of over 400 slums is estimated to have overall cost of over Rs 300 crores. The project is expected to be completed in 3-3.5 years including the rehabilitation component.
“This will be Ramky’s first pilot project in the Mumbai Metropolitan region (MMR). The project also reflects our intent to participate in socially impactful, capital efficient projects. More strategic acquisitions and redevelopment projects are being worked upon,” said M Nanda Kishore, managing director of Ramky Estates & Farm.
Real estate consultancy firm Anex Advisory acted as the transaction advisor to Ramky Estates & Farm.
Ramky Estates & Farm, which has presence across Hyderabad, Bengaluru, and Chennai is planning to develop a premium housing on the free-sale component of this project.
The first Letter of Intent (LOI) for the project was issued in 2004 and then revised in 2011-12. Currently, the LOI is being transferred in the name of a special purpose vehicle, and the same is expected to be obtained in the next three months.
Real estate projects involving the redevelopment of old housing societies and slum rehabilitation are the mainstay of the Mumbai region’s property market, as the land-starved city and its peripheral areas have few vacant land parcels.
The project with development potential of around 463,000 sq ft including 237,000 sq ft free sale area for the developer holds a revenue potential of over Rs 550 crore.
The development involving rehabilitation of over 400 slums is estimated to have overall cost of over Rs 300 crores. The project is expected to be completed in 3-3.5 years including the rehabilitation component.
“This will be Ramky’s first pilot project in the Mumbai Metropolitan region (MMR). The project also reflects our intent to participate in socially impactful, capital efficient projects. More strategic acquisitions and redevelopment projects are being worked upon,” said M Nanda Kishore, managing director of Ramky Estates & Farm.
Real estate consultancy firm Anex Advisory acted as the transaction advisor to Ramky Estates & Farm.
Ramky Estates & Farm, which has presence across Hyderabad, Bengaluru, and Chennai is planning to develop a premium housing on the free-sale component of this project.
The first Letter of Intent (LOI) for the project was issued in 2004 and then revised in 2011-12. Currently, the LOI is being transferred in the name of a special purpose vehicle, and the same is expected to be obtained in the next three months.
Real estate projects involving the redevelopment of old housing societies and slum rehabilitation are the mainstay of the Mumbai region’s property market, as the land-starved city and its peripheral areas have few vacant land parcels.
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